Govt to set up $1-bn fund for creative economy: Ashwini Vaishnaw

“CEOs and creators from all over the world will join (the summit). We are also setting up a fund of $1 billion in public-private partnership. The first Indian Institute of Creative Technology (IICT) is being established in Mumbai with funds of about Rs 400 crore,” Vaishnaw said.

Speaking at the session on ‘WAVES 2025’ at Sushma Swaraj Bhawan in New Delhi, Maharashtra CM Devendra Fadnavis said the state government is “excited to witness discussions, innovations and strategic alliances that will define the future of the global media landscape as we engage in this dialogue”.

External Affairs Minister S Jaishankar, MoS L Murugan and envoys from over 100 Foreign Missions were also present.

Jaishankar said, “Economic and political rebalancing is moving towards cultural balancing. We are not truly global if we are not truly local. WAVES 2025 captures the spirit of this endeavour.” He also urged the envoys to familiarise their respective governments regarding the opportunities of global collaborations under WAVES 2025.

Fadnavis said India has nearly 60 OTT platforms, surpassing Southeast Asian nations and developed markets like the UK, Japan, South Korea and Australia, while also underlining the potential of India’s online video industry.

“Looking ahead, India’s online video industry alone has the potential to attract $17 billion in investments over the next five years…,” CM Fadnavis said.